• 1 day Iraq Begins To Rebuild Largest Refinery
  • 1 day Canadian Producers Struggle To Find Transport Oil Cargo
  • 1 day Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 1 day China's CNPC Considers Taking Over South Pars Gas Field
  • 1 day BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 2 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 2 days Venezuela Sells Oil Refinery Stake To Cuba
  • 2 days Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 3 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 3 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 4 days Aramco Announces $40 Billion Investment Program
  • 4 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 5 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 5 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 6 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Alt Text

Chinese M&A Wave Could Be Bad News For Investors

Chinese shareholders might not benefit…

Alt Text

Footing The $9 Trillion Renewable Bill

The global transition to clean…

Alt Text

The Most Important Part Of The OPEC Deal

While oil markets and news…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Exxon Reports Twofold Rise In Profit, But Stock Plunges

Exxon

Exxon reported a profit of US$3.35 billion for the second quarter of the year, up from US$1.7 billion a year earlier, thanks to better refining margins and higher oil prices. The latter pushed upstream earnings up to US$1.2 billion, an increase of US$890 million from a year earlier.

Profit from downstream operations rose 68 percent to US$1.4 billion. The rest of the earnings result came from the chemicals business of Exxon, marking a US$232-million decline on the year to US$985 million.

Like its peers, Exxon spent less capital in this year’s second quarter than last, with capital and exploration expenditures down 24 percent from Q2 to US$3.9 billion. At the same time, the supermajor booked cash flow from operations and asset sales of US$7.1 billion. Asset sales proceeds totaled US$154 million during the period.

Production-wise, Exxon pumped 3.9 million barrels of oil equivalent daily during the second quarter, down by a percent from a year earlier. Bar divestments and entitlement effects, output was up by a percent from the second quarter of 2016.

During the quarter, Exxon continued to expand its footprint in the Permian, the company said in its press release, growing its midstream operations in the Delaware Basin through partnerships.

Elsewhere, it announced several new discoveries off the coast of Guyana, the latest among them from the Payara-2 well, part of the Stabroek block, which also contains the potentially major Liza field. After the latest discovery, the gross recoverable resources in the Stabroek block are now estimated at 2.25-2.75 billion barrels of oil equivalent.

In the downstream division, Exxon said it plans to expand into the Mexican fuel market, allocating US$300 million for logistics, product inventories, and marketing activities over the next decade to grow its Mobil-branded fuel station network in the country.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News